It is nearing the end of 2021 and market capitalization for meme-based digital currencies such as dogecoin or shiba Inu will be very prominent in 2018. The $46.9 trillion worth of meme crypto assets represents 2.2% of the crypto economy of $2.32 trillion. Dogecoin, shiba Inu and other meme crypto-assets capture 85.28% each of today’s market value.
Meme-based Crypto Economy to Tap $46 Billion by 2021
It’s been a good year for meme-based crypto assets like dogecoin (DOGE), the OG of meme-based assets, which has seen its market valuation swell by 4,375.9% year-to-date (YTD). Dogecoin (DOGE) is the most popular meme-based crypto asset, with an estimated market value of approximately $22.8 billion. It was valued on Sunday, December 19. Shiba inu is second in market capitalization and the largest meme coin. SHIB is up 46,960.505.7% YTD against the U.S. dollars.
These coins inspired many other meme-based cryptocurrency assets to flourish. With $591 million in market value, Dogelon Mars (ELON), has gained the fifth largest meme crypto market. Baby doge coin (BABYDOGE), which has a market capital of $258 million and is currently at the sixth position, has the sixth highest market cap.
Dogecoin and shiba inu inspired a great number of “dog” or “shiba inu-breed” coins in 2021 as well, as there are dozens of tokens with these names. DOGE (or SHIB) are dominant, controlling 85.28% in the meme crypto-economy despite the vast amount of meme-based asset.
Meme Coins Under DOGE and SHIB Saw Triple and Double-Digit Gains this Week
Although dogecoin’s and the shiba-inu have seen their value drop in recent weeks, there were many meme coins that saw significant double or triple-digit gains over the previous seven days. The wallstreetbets dapp (WSB) token jumped 177.5% this past week and Solana’s kitty coin (KITTY) increased by 117.9% this week. Jejudoge, JEJUDOGE, jumped 112% over the past seven days while woofy (WOOFY), climbed 47%. The notable risers in meme coins this week were shibavax, which rose 37.2%, and smugdoge, which rose 24%. Spell token, however, increased 23%.
Even though there is a plethora of meme-coins, DOGE (and SHIB) are the leaders. They have larger market capitalizations and more trading volume than any other meme-coin. DOGE, SHIB, and Bitpay are supported by merchant processors. The six billion nine hundred millions dollar meme coin economy that is below dogecoin, shiba Inu and SHIB only represent 0.296% the total $2.32 trillion crypto market.
Do you agree with the claim that dogecoin or shiba-inu control more than 85 percent of the $46.9billion meme-based cryptoasset economy? We’d love to hear your views on the subject.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThe information contained in this article is intended to be informative. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.